US Senate Elects Ex-Ripple Advisor as Fed Vice Chair for Supervision

US-Senate-Elects-Ex-Ripple-Advisor-as-Fed-Vice-Chair-for-Supervision
  • Michael Barr was confirmed by the US Senate as vice chairman for supervision at the Fed.
  • Barr, who was President Biden’s pick for the position, was also an ex-Ripple advisor.
  • Twitter users speculated Ripple’s XRP will moon after the announcement.

Michael Barr, a law professor and former Ripple advisor, was appointed as vice chairman for supervision at the Federal Reserve by the US Senate on Wednesday.

Barr, who was US President Joe Biden’s pick for the vice chair for supervision of the Federal Reserve System, was confirmed to sit in the position for four years. The US lawmakers voted 66-28 at the Senate floor, completing the seventh and last seat on the board of governors.

While the position had been vacant since the term of governor Randal Quarles ended in October 2021, President Biden released a statement last April regarding his intention to nominate Barr, saying that he wanted to “move Barr’s nomination forward quickly” to fill the vacant position.

At his confirmation hearing last May, Barr sought to address “financial stability risks” and called for US lawmakers to regulate stablecoins. He pointed out that cryptocurrencies have “potential for upside in terms of economic benefit,” but also accompanied by “some significant risks.” 

Second to chair Jerome Powell, the new vice chair for supervision will be in charge of policy recommendations and overseeing the supervision and regulation of particular financial institutions for the Fed.

Speculations for the XRP pump, a token developed by Ripple Labs, have risen as Barr has become an advisory board of Ripple Labs from 2015 to 2017. Barr has also served under former President Barack Obama as an assistant secretary for financial institutions of the Treasury Department, and was a professor at the University of Michigan.Coincidentally, the price of XRP increased 3.48% at the time of writing. XRP is currently valued at $0.3228 according to CoinMarketCap.

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